August soy futures settled ¼ cent lower on Tuesday, while the rest of the contracts were 4 3/4 to 7 cents higher and extending gains from Monday. August does have to deal with the upcoming options expiration on Friday. Soymeal futures settled UNCH to 90 cents/ton lower, rallying in the last hour of trading. Soy Oil futures settled mixed, with nearby August down 34 points but October and later deliveries in the plus column by 9 to 42 points.
Dryness in the 7-day forecast and above normal temps in the 8-14 day outlook gave the market some support as we round out July and head toward August.
The weekly Crop Progress update from NASS indicated 65% of the US bean crop was blooming as of July 21, with 29% setting pods, both 5% points ahead of average maturity for the date. Soybean condition ratings were unchanged at 68% gd/ex, with the Brugler500 index remaining at 370. The 5 year average for that index is 360 for this week.
Aug 24 Soybeans closed at $11.17 1/2, down 1/4 cent,
Nearby Cash was $10.94 1/1, up 1 1/2 cents,
Nov 24 Soybeans closed at $10.75 1/2, up 6 3/4 cents,
Jan 25 Soybeans closed at $10.89 1/2, up 6 1/2 cents,
New Crop Cash was $10.28 5/8, up 7 1/2 cents,
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